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Sandeep Ahuja & Co.

Established in the year 1986, we are a leading chartered accountancy firm based in Delhi & NCR rendering comprehensive professional services which include statutory audit, internal audit, direct tax, transfer pricing, GST, bank audit, propriety audit, cost accounting, internal financial controls and risk advisory.

Monday, July 6, 2015

E- Filing of Income Tax Returns for Asst Year 15-16

The Income Tax Department has declared the Forms for E-
Filing of Income Tax Returns for Assessment Year 2015-16 from 01.07.2015

Income Tax Return forms 1- SAHAJ, 2, 2A and 4S- SUGAM for AY
2015-16 has been given by the Income Tax Department and e-filing of these
return forms has been enabled on the e-filing website- https://incometaxindiaefiling.gov.in/

ITR 1-SAHAJ, 2 and 2A
can be used by an individual or HUF whose income does not include income from
business & Profession.

.ITR 4S- SUGAM can be used by an individual or HUF whose
income includes business income which is assessable on presumptive basis.

Taxpayers are requested to e-file their returns early to
avoid the rush closer to the last date of filing.

Criteria for selecting
the appropriate Income Tax Return Form

There are different forms for filing of Income
Tax returns to be filed with income tax department whether Online or Offline.
The due date for filing income tax return for the Assessment year 2015-16 is
extended up to 31st August 2015,

There is criteria for selection appropriate
form for filing of Income Tax Return by an assessee :

·An Individual can file
ITR-1
if has income from :

a) Salary
or pension

b)
Income from only one House Property whether
Self occupied or let out

c) Income from Other Sources.

·An Individual or HUF
can file ITR-2 if income includes
income from:

a) Salary or Pension

b) More than one House Property

c) Other Sources

d) Capital Gain.

·An Individual or HUF
can file ITR-2A if income includes
income from:

a)Salary or Pension

b)New House property

c) Other Sources

d) Does not include income from Capital Gain

e) Does not include Income from Business or
Professional

f) Does not have any asset outside India

g) Does not have any income from outside India

However till date Income Tax department has
not released other forms for Income tax Returns and as per last year the
following forms are yet to be released:

ITR -3 – Return by an Individual or HUF having
Business Income as Partner from a firm but their total income does not include
any other Business or professional Income

ITR -4 – Return of Income by individual or HUF
whose income includes income from Business or Profession.

ITR -5 – Return of Income by a firm having
Business Income or income from any other sources.

ITR -6 – Return of Income by a Company

ITR-7 – Return of Income by TRUST, Society or
AOP

Obligation to file Income Tax Return

An individual whose
total income exceeds the minimum taxable limit ( before allowing deductions under Chapter VI-A of the
Income-tax Act) is under obligation to
furnish his return of income.

The maximum amount not
chargeable to income tax in case of different categories of individuals is as
follows:-

Sl.No. Category Amount
(in Rs.)

1 Individuals below the age of 60
years 2,50,000

2. Resident Individuals, above the age
of 60 years but less than

eighty years. 3,00,000

3. Resident individuals, above the age of 80 years 5,00,000

Important Points to remember before furnishing of Income tax Return

1) Furnish Aadhar Card
Number in the Income Tax Return but it is not
mandatory.

2) Details of
all the Saving and Current Bank Account with Bank Name, IFSC Code, Name
of Joint Holder if any, Account
Number, Type of Account Etc.

Details of dormant accounts not operational for
last three years are not required to be furnished.

3) It is mandatory to furnish Foreign Bank A/C Number
and income from financial Interest in any entity outside India,

4) Details of
foreign travelling shall not be reported
but Passport No is to be reported.

5) Date of Formation by HUF is required to be
reported.

6) If Taxpayer
has agriculture income exceeding Rs.5000/- the return shall be filed in ITR-2
or ITR-2A as the case may be.

7) In Case of
any refund claim it is mandatory to file
return of income by electronically,

8) Reporting of
amount that has remained unutilized in capital Gain and yet to be invested.

9) Details of
Income taxable under DTAA.

10) Agricultural Income has to be
reported in the form as Gross receipt separate and expenses separate and not as
net agriculture income.

11) Distinction between
heavy and light good Carriages removed and Computed at a uniform rate of Rs 7500 P.M for any goods Carriage.

Examples for choosing form no.ITR 1/2/2A

Que : If a person is having Salary Income and Income from One
House Property which form he has to file ?

Ans : In case the Assessee has salary
income & income from one house property ITR1 shall be filed. But there
should not be any capital gain income and the house should not be the newly
purchased during the year.

Que : If a person is having Salary Income and Income from more
than One House Property which form he has to file ?

Ans : In
case the Assessee has salary income & income from more than one house
property ITR-2 shall be filed.

Que
: If assessee has Income from winning from Lottery which form he has to file in
case he has no other income other than income from Salary.

Ans
: In case the Assessee has salary income & income from winning of lottery
or gambling ITR-2 shall be filed.

Que : If a person is having Salary Income and Income from agriculture
less than Rs.5000/- which form he has to file ?

Ans
: In case the Assessee has salary income & income from agriculture less
than Rs.5000/- ITR 1 shall be filed.

Que : If a person is having Salary Income and Income from agriculture
more than Rs.5000/- which form he has to file ?

Ans
: In case the Assessee has salary income & income from agriculture more
than Rs.5000/- ITR 2/2A shall be filed.

1 comment:

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